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Frasers Hospitality invests S$250m to develop Tokyo serviced residence
FRASERS Hospitality, part of Frasers Property Group, is investing S$250 million (see amendment note) to develop a new serviced residence in the Ginza district in Tokyo.
The property, to be launched under its millennial-focused hotel residence brand Capri by Fraser, is expected to open around 2020.
The 200-room serviced residence is a two-minute walk from the main shopping street of Chuo-dori and a four-minute walk from the Shimbashi Station. It will also be close to the Shiodome City Center, home to the headquarters of companies such as Fujitsu and All Nippon Airways.
Frasers Hospitality chief executive Choe Peng Sum said that the group expects a rise in visitors in Tokyo in the coming years as the city hosts prestigious global events such as the 2020 Summer Olympics.
"Frasers Hospitality is no stranger to the Japanese market," he said, pointing to the opening of Fraser Residence Nankai in Osaka in 2010.
"The country continues to be a priority market for us and we are looking to extend our footprint not just in Tokyo but also other key cities in Japan."
When opened, the property will complement Frasers Suites Akasaka which is also scheduled to open in the same year.
Mr Choe added that hotels in Tokyo are doing "extremely well", with occupancy rates over 85 per cent in the first half of last year.
Fraser Hospitality has 145 properties in over 80 cities in its portfolio, including those in the pipeline.
Amendment note: The story has been revised to reflect that Frasers Hospitality is investing S$250 million and not US$250 million.